Guideline Value for SRI KUMARAN NAGAR

Sri Kumaran Nagar guideline value

The current guideline value of Sri Kumaran Nagar, located in Korattur village under the Villivakkam SRO, is Rs 2,700 per sq.ft, effective from 1 July 2024. The land classification for this area is Residential Class I Type - III.

How the guideline value of Sri Kumaran Nagar has changed

The guideline value for Sri Kumaran Nagar has seen several revisions over the years. In 2002, the value was Rs 102 per sq.ft, which increased significantly to Rs 850 per sq.ft in 2007, marking a change of +733%. The value then rose to Rs 2,500 per sq.ft in 2012, an increase of +194%. However, from 2012 to 2017, the value decreased to Rs 1,675 per sq.ft, reflecting a drop of -33%. The guideline value then increased substantially to Rs 2,500 per sq.ft in 2023, a rise of +49%, before reaching the current value of Rs 2,700 per sq.ft in 2024, which is an increase of +8%.

It is important to note that the register has no figure for this street in 2003. Overall, from 2002 to 2024, the guideline value has increased by +2547%.

Guideline values in Korattur

In Korattur, there are 617 streets under the Villivakkam SRO, with guideline values ranging from Rs 1,100 to Rs 8,200 per sq.ft. The median guideline value for these streets is Rs 2,500 per sq.ft, placing Sri Kumaran Nagar's 2024 figure above that median.

• Sri Kumaran Nagar Extension: Rs 2,700 per sq.ft (2024)
• Sri Krishna Nagar (Near Sivananda Colony): Rs 2,500 per sq.ft (2024)
• Sri Kanthakottam Nagar / Streets: Rs 1,600 per sq.ft (2024)
• Sri Kanthakottam 2nd Street: Rs 1,600 per sq.ft (2024)
• Sri Moogambigai Nagar: Rs 1,600 per sq.ft (2024)
• Sri Moogambigai Nagar Annex: Rs 1,600 per sq.ft (2024)

Stamp duty and registration fee for property in Sri Kumaran Nagar

For a 1,000 sq.ft plot at the current guideline value of Rs 2,700 per sq.ft, the total guideline value would be Rs 27,00,000. The stamp duty at 7% would amount to Rs 1,89,000, and the registration fee at 2% would be Rs 54,000, bringing the total fees together to Rs 2,43,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price. For more details, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Sri Kumaran Nagar?

The Sub Registrar Office that covers Sri Kumaran Nagar is the Villivakkam Sub Registrar Office, located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037 (Near By Nolambur Eb Office). You can find your SRO for more information.

How the guideline value is used when you buy or sell in Korattur

The guideline value plays a crucial role when buying or selling property in Korattur. It is used to determine the stamp duty and registration fees that need to be paid during the registration process. Buyers and sellers should be aware that the guideline value may differ from the actual sale price, and the higher amount will be used for calculating the applicable fees.

When registering a property, it is essential to refer to the latest guideline value to ensure compliance with the legal requirements. This value is set by the Registration Department and is subject to periodic revisions, reflecting changes in the real estate market.

Frequently asked questions

What is the current guideline value of Sri Kumaran Nagar?

The current guideline value of Sri Kumaran Nagar is Rs 2,700 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 102 per sq.ft in 2002 to Rs 2,700 per sq.ft in 2024, showing a significant increase of +2547% overall.

What is the land classification for Sri Kumaran Nagar?

Sri Kumaran Nagar is classified as Residential Class I Type - III, indicating its suitability for residential purposes.

Where can I find the Sub Registrar Office for Sri Kumaran Nagar?

The Sub Registrar Office for Sri Kumaran Nagar is located at Nolambur 2nd Main Road, Nolambur Phase 2, Chennai 600037, near the Nolambur Eb Office.

How are stamp duty and registration fees calculated?

Stamp duty is calculated at 7% of the guideline value or sale price, whichever is higher, while the registration fee is 2% of the same amount. For example, for a 1,000 sq.ft plot at Rs 2,700 per sq.ft, the total fees would be Rs 2,43,000.